28.Mar .2022 15:00

How Fuel Prices Compare Around The World?

How Fuel Prices Compare Around The World?
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Fuel price hit a record high in Georgia. Cost of regular type gasoline ranges GEL 3.71-3.77 in the retail chain, while price for premium type fuel exceeds GEL 3.85, and super type fuel – GEL 3.99. Price rise is entirely due to the current situation on the global market, as the price of a barrel oil has already reached USD 113, and the price of one ton of refined gasoline (Platts) exceeds USD 1,000 for the last few weeks. In addition, depreciation of the GEL exchange rate makes imports even more expensive.

As of the second half of March 2022, premium type fuel costs more expensive in 99 out of 170 countries, while this type of fuel is cheaper in 69 countries. The most expensive fuels are mainly found in Western European countries.

"As of March 21, Georgia ranks 100th in the world in terms of the gasoline price, it means that 99 countries have a higher price on gasoline than Georgia”, - said Mikheil Dundua, Deputy Minister of Finance.

The fuel is the cheapest in Venezuela around the world, where per liter of premium gasoline costs 8 tetri due to a state subsidy, and the fuel is most expensive in Hong Kong, where its cost exceeds GEL 9.